US-based data management software provider Cloudera has confidentially filed paperwork for an initial public offering that will allow chipmaker Intel and internet technology conglomerate Alphabet to exit, Bloomberg reported on Friday.
Cloudera aims to go public at a valuation of roughly $4.1bn, similar to that at which it last raised funding, people with knowledge of the matter told Bloomberg. It is working with banks Allen & Company, Citigroup and Barclays on the offering, according to one of the sources.
Founded in 2008, Cloudera offers a range of big data products based on open-source Apache Hadoop database software, enabling organisations to organise, analyse and gain insights from their data.
The company generates most of its revenue from subscriptions but also provides training and professional services.
The IPO would follow about $670m in primary venture funding, according to Cloudera’s website, which would indicate much of the $900m series F round it closed in 2014 consisted of secondary investments.
Intel paid $740m for an 18% stake in Cloudera as part of the round, providing the money through its corporate venturing unit, Intel Capital. Cloudera said the first $160m of the round took its total funding to $300m, indicating that $350m of Intel’s investment involved buying shares from existing investors.
The rest of the series F capital came from GV, the Alphabet’s subsidiary then known as Google Ventures, investment firm T. Rowe Price and an affiliate of MSD Capital, the investment vehicle for Dell founder Michael Dell and his family.
Other shareholders in line for an IPO exit include In-Q-Tel, Meritech Capital Partners, Ignition Partners, Accel and Greylock Partners.